loan•ol•o•gy (mortgage blog)

Noun

  1. The study and explanation of mortgage rates, terms, programs and approval requirements
  2. An attempt at a clever name for our blog


What is the process for getting a Jumbo Loan on a new construction home?


The approval process for a new construction Jumbo Loan is the same as any Jumbo Loan. To close, the home must be complete, including the driveway and landscaping. If the home isn’t complete, we can consider an escrow hold back that allows you to close before the final work is done. United Home Loans is an expert in new construction loans, and we’re here to answer any questions on the process. Contact a Jumbo Genius here or call 708-531-8388 any time for new construction advice. 
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How is rental income considered when approving a Jumbo Loan?


Border income, meaning rent paid by anyone living in your home, is not allowed when calculating income on Jumbo Loans. We do, however, consider rental income on second homes or investment properties. Generally, 75% of the rental rate is calculated as income. For a custom quote based on your rental income streams, contact a Jumbo Genius here or call 708-531-8388.
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Labor Day Festivities in Chicagoland


The fruits of your labor earned a well-deserved break, and there are plenty of things to do around town to maximize three-day weekend fun. Celebrate the end of Summer 2017 at these local attractions:
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What is involved in getting a Jumbo Loan if you’re self-employed?


It depends on your level of self-employment. If you’re a sole proprietor, we ask for personal tax returns from the last two years. If your company is an S Corp, C Corp, or Partnership, we ask for personal and business tax returns from the last two years. United Home Loans is an expert at securing loans for the self-employed. For advice specific to your situation, contact a Jumbo Genius here or call 708-531-8388.
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I'm in the middle of a divorce. Does that prevent me from getting a Jumbo Loan


Yes, divorce proceedings usually put the brakes on all mortgage loans. We recommend applying for financing before legal divorce proceedings take place. Once a divorce is in the court system, it’s considered a lawsuit, and mortgage loans will not be approved until the divorce is final. If you’re considering a mortgage and haven’t yet filed for divorce, contact a Jumbo Genius here or call 708-531-8388 for more information on what to consider. 
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What should I consider when looking for a Jumbo lender?


While mortgage rates are important, you should consider many factors when choosing a Jumbo Lender. More so than rates, find a lender with a loan structure that will suit your financial goals.
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I’m a new physician, and my income will increase soon. When do I qualify for a Jumbo Loan?


United Home Loans does make debt-to-income exceptions for physicians, but we still have to evaluate student loan and other debt. For information on physician mortgage requirements, contact a Jumbo Genius here or call 708-531-8388.
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Is the appraisal process different for Jumbo Loans?


The appraisal process is the same, unless the loan value is over $1.5 million. In that case, the home typically requires two appraisals. At United Home Loans, we use local appraisers who are familiar with high-end real estate, so you never have to worry about an inexperienced appraiser. To learn more about our appraisal process, contact a Jumbo Genius here or call 708-531-8388.
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Can we qualify for a Jumbo Loan without a long work history?


My spouse just reentered the workforce. Can we qualify for a Jumbo Loan without a long work history?
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How many days does it take to close on a Jumbo Loan?


United Home Loans can get your Jumbo mortgage approved, processed, and closed in three weeks. Contact a Jumbo Genius here or at 708-531-8388 to get started.
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I need a Jumbo Loan and currently have a home for sale. Can I qualify before my home sells?


Yes, assuming your income can handle the mortgage obligation and housing expense on both residences. United Home Loans is an expert at navigating through the sales contingency and bridge loan process. For advice specific to your situation, contact a Jumbo Genius here or call 708-531-8388.
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Can I take a Jumbo Loan out on an investment property?


Yes, Jumbo Loans are available on primary, secondary, and investment properties. For a custom quote, contact a Jumbo Genius here or call 708-531-8388.
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